Chevron Plans Iraq Oil Accord on Friday, Pursues Hormuz Strait Bypass Pipeline

According to Bloomberg News, Chevron plans to sign agreements with Iraq on Friday (July 15) to advance investments in major oil fields and explore building a pipeline to help Iraqi oil bypass the Strait of Hormuz. A company executive stated Thursday that the accords are expected to be non-binding but will signal Chevron's commitment to eventually executing commercial agreements for the West Qurna-2 and Nasiriyah oil fields.

Chevron is part of a consortium including U.S. and international companies exploring pipeline construction options. Earlier this week, Bloomberg reported the company is negotiating with investors to restart the long-dormant Kirkuk-Baniyas pipeline, a 500-mile (800-kilometer) route crossing Syria to the Mediterranean coast.